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PREPARE JOURNAL ENTRIES FOR VIRGINIA COMPANY FOR THE FOLLOWING TRANSACTIONS: 1. April 15: Purchased $5,000 of goods from Riley Corporation. Terms were 2/10, 1/60, FOB
PREPARE JOURNAL ENTRIES FOR VIRGINIA COMPANY FOR THE FOLLOWING TRANSACTIONS: 1. April 15: Purchased $5,000 of goods from Riley Corporation. Terms were 2/10, 1/60, FOB shipping point. 2. April 16: Virginia paid shipping costs of $250 to Old Dominion Freight on the goods purchased from Riley on April 15th 3. April 20: Sold $4,500 of goods to Farris Corporation Terms of the sale were 1/15, 1/60 FOB shipping point. The goods cost Virginia $2,500. 4. April 21: Sold $3,200 of goods to Dunker. Inc. for cash: cost of the goods was $1,800. 5. April 24: Virginia Company paid for the goods purchased on April 15. 6. April 25: Farris Corporation returned $540 of goods they purchased April 20h. The cost of the goods sold was $300. 7. April 26: Farris Corporation asked for a reduction of price on the goods sold to them on April 20th. Some of the goods were the wrong color. Virginia Company granted an allowance of S360 on the goods. 8. April 30: Purchased $6,000 of goods from Burch Company. Terms were 3/10, n/45. FOB destination. 9. May 1: Virginia Company received payment on the amount due from the Farris Corporation, net of all transactions. 10. May 13; Virginia Company paid for the goods purchased on April 30" GENERAL JOURNAL Date Account Titles and Explanation P.R. Debit Credit
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